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If you are a taxi, minicab or private hire driver,
you know that your insurance needs are very different to normal
drivers and the policy that suits a black cab driver in London will
not necessarily suit someone who drives a minibus in Manchester. It
is now possible to spread payments for policies by paying monthly or
quarterly as well as annually, and discounts are often available for
drivers with lower than average mileages or fleet operators who run
two or more vehicles, whether these are saloons, minibuses or
coaches and options are available to take fully comprehensive cover,
third party fire and theft, or third party only. Cover is usually
limited to drivers over 21 years of age, and under 70. There are a
number of specialist brokers who handle taxi business only, and they
usually have a panel of insurers that they can search through in
order to find the lowest quotation that suits your own individual
If you own or drive a taxi, you
should know that the insurance you need is much different than a
regular driverís. Taxi insurance not only protects your passengers
and other drivers on the road, but also covers your income in case
it is affected by your business. This insurance is a basic part of a
taxi business and you cannot operate without it. Tax insurance is
for both private and public hire and form of legal requirement to be
legal while driving on the roads.
Liability coverage is the part of the taxi policy that covers any
damage you may possibly do to others while you are driving. This
does include damage done to other cars as well as personal injury.
With a taxi, you must have this coverage and meet the minimum
limits. You are also required to have insurance for the passengers
you have in your care.
Common policies to consider for taxi insurance are:
1. Breakdown and Assistance. This will help when your vehicle breaks
down. This includes repair and towing. It is part of a policy that
taxi drivers do not need to be without.
2. Theft and Fire. This is the minimum you want for the taxi; it
protects against; well; theft and fire.
3. Legal expenses. There are times when drivers have disputes with
passengers or other drivers as well as the sort of day to day
disagreements we all have. This coverage will take care of
documents, court, and legal representation.
4. Loss of income. There may be a time when you cannot drive your
taxi because of theft or repair. This part of the coverage will
protect your income and reimburse you for lost income while not
5. Windshield and glass. Many times, weather can put strain on a
taxi; possible damage to windshields and windows. The coverage will
keep them both in good condition for safe driving.
Because of the amount of risk with driving a taxi, insurance can get
very expensive and there are ways to keep the cost down. If you can
choose to have a larger excess, then a lower premium will be
required. If you have other drivers working for you, it can be less
expensive if you put them on the policy as named drivers instead of
having the policy as an Ďany driverí policy. The important thing is:
look for specialist insurers rather than 'run-of-the-mill' car
insurers or brokers.